A Tennessee couple, Michael and Amanda Griffis, is facing charges for allegedly running a fraudulent investment scheme called “Blessings of God Thru Crypto.” According to a complaint filed by the Commodity Futures Trading Commission (CFTC) on July 24, the Griffis’ used their connections in the real estate industry to convince over 100 victims to invest in a multi-million dollar pool between July 2022 and January 2023. The victims included mortgage brokers and former customers of their real estate business.
The CFTC stated that despite having no relevant experience, the defendants were successful in convincing people to invest over $6 million in their commodity pool. Participants in the scheme were told that their funds would be used to trade crypto futures contracts. However, the CFTC revealed that not a single trade was ever conducted. The defendants had falsely represented that the funds would be safe and under their control, promising high gains from trading “crypto futures.”
Instead of using the pooled funds for trading, around $4 million was transferred to digital wallets outside of the Griffis’ control. Additionally, more than $1 million was misappropriated to pay off personal debt and purchase expensive items. The CFTC alleged that the defendants used the money for various personal expenses, including $10,000 in college tuition, $20,000 for an all-terrain vehicle, and $335,000 to pay off credit card debt.
The couple has been charged with defrauding over 100 victims and failing to register with the CFTC. The complaint filed by the CFTC seeks a permanent injunction against the Griffis and any potential collaborators, prohibiting them from participating in future transactions involving commodity interests. The CFTC also requested full restitution for victims who sustained losses from the scheme and proposed that the court impose civil penalties against the Griffis.
However, the CFTC acknowledged that achieving full restitution may be challenging as the defendants are expected to have insufficient funds or assets. The complaint highlighted the need to prevent the defendants from engaging in similar fraudulent activities in the future and to hold them accountable for their actions.
According to their LinkedIn profiles, Michael and Amanda Griffis are associated with Exit Realty Screamin’ Eagle, a real estate company based in Clarksville, Tennessee. Michael is listed as a Realtor, while Amanda is listed as a Broker/Co-Owner. Cointelegraph reached out to the Griffis for comment but did not receive an immediate response.
The case of the Griffis serves as a reminder of the risks associated with fraudulent investment schemes in the crypto industry. Authorities, such as the CFTC, play a crucial role in investigating and prosecuting such scams to protect investors from financial harm. It is important for individuals to carefully research and verify investment opportunities before committing their hard-earned money and to be cautious of promises of high returns with little to no risk.
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